. After President Barack Obama signed H.R. 525, the U.S. Commercial Space Launch Competitiveness Act. 2262) was signed into law by President Barack Obama, effectively undoing years of space law. Space was largely considered to be publicly owned before the new law was passed. Nobody could ever claim any commercial ownership in space. The US citizen now has the right to the resources obtained from asteroid. This is something that several companies including Planetary Resources Inc. believe will promote the exploration of and use of asteroids for commercial purposes. Eric Anderson, co-founder and chairman of Planetary Resources, Inc., stated that this is “the single largest recognition of property rights” in human history. The legislation creates the same support framework that helped to build the world’s great economies. It will also encourage space exploration. Asteroids contain precious metals, minerals and other valuable elements. It could be a huge business to extract them. Companies need to be sure that the harvest they produce is theirs. Image: berc.berkeley.edu. Peter H. Diamandis, M.D., is Co-Founder, and Co-Chairman at Planetary Resources, Inc. He said: “A century from now, mankind will see this time in history as when we were able establish a permanent foothold on space. “In history there’s never been more progress than now,” the American government claims. It has eliminated ‘unnecessary regulations and made it simpler for American private businesses to commercially explore space. Individuals will not have the right to take possession of this ‘celestial body,’ but they will own any resources that are mined from it. A new law encourages space mining. The idea is that this legislation will allow people to exploit the valuable resources found in asteroids near Earth. An asteroid that had a PS3.5 trillion platinum core passed close to Earth in July 2015,. An asteroid called 2011 was 1.5 million miles from Earth. This is astronomically very close to Earth, 30 more than the nearest planet. A new US law says that any citizen of the United States engaged in the commercial recovery of an asteroids resource or a related space resource shall have the right to all asteroid resources or space resources obtained. This includes the ability to own, transport and use the resource, or sell it. The new US law allows for entirely new ventures. These asteroid resources, including silicates and base metals can be used to support deep space habitats or space-based solar energy arrays. (Image: Planetary Resources). Senator Marco Rubio, Florida, said that the new legislation makes it easier to “return” the United States into suborbital space. Senator Rubio stated that “all across our economy we must eliminate unnecessary regulations which cost too much, and make it more difficult for American innovators create jobs. These reforms will make it simpler for American innovators to send their children to suborbital space. They also help to propel the American space industry further into space. The final bill contains proposals that I have previously presented in the Senate. This includes one about commercial recovery of space resources. The White House stated yesterday that this bill was an important victory for Florida’s Space Coast and all of space exploration. 2262, The ‘U.S. 2262, the “U.S. Commercial Space Launch Competitiveness Bill” which modifies current U.S. law regarding the commercial spaceflight industry. It extends authority for the use of the International Space Station up to September 2024;, as well as facilitating commercial exploration of and recovery of space resources. The ‘Outer Space Treaty’ was open for signatures in the US and UK on 27 January HTML3. The treaty entered into effect on 10 Oct 1967. The treaty is binding on countries as of September . The treaty states that space objects, including the moon, are part of the “common heritage” of humanity and that peaceful exploration is encouraged. The Treaty states that no weapons can be placed upon any celestial body. Video: Mining Asteroids as Fuel According to Planetary Resources asteroid-sourced hydrogen and oxygen can literally drive space economic expansion by providing an alternative fuel source that changes the way industry works in space.
